【导读】中国农业银行原首席专家兼浙江省分行原党委书记、行长冯建龙被开除党籍 中国基金报记者晨曦 又有国有大行干部被处理！ 1月28日，中央纪委国家监委官网通报：中国农业银行原首席专家兼浙江省分行原党委书记、行长冯建龙被开除党籍。 ● 廉洁底线失守，通过民间借贷获取大额回报，违规从事营利活动，违规收受大额钱款，离职后违规任职取酬，收受管理服务对象礼品礼金，利用职务便 利低买高卖房产，借用管理服务对象大额钱款，在分配、购买住房中侵犯国家利益，将应由本人支付的费用由他人支付；违反生活纪律，对配偶、子女失 管失教； ● 将公权力当作谋取私利的工具，大搞权钱交易，利用职务上的便利，为他人在贷款审批、资金募集、职工岗位调整等方面谋取利益，非法收受巨额财 物。 通报指出，冯建龙严重违反党的政治纪律、组织纪律、廉洁纪律、生活纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八大后不收敛、不收手，性 质严重，影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国农业银行党委研究，决定给予 冯建龙开除党籍处分；收缴其违纪违法所得。浙江省监委将其涉嫌犯罪 ...

又有国有大行干部被处理！ 1月28日，中央纪委国家监委官网通报：中国农业银行原首席专家兼浙江省分行原党委书记、行长冯建龙被开除党籍。 ● 违背组织原则，不按规定报告个人有关事项，在组织谈话函询时不如实说明问题，在干部选拔任用、职工录用等工作中为他人谋取利益； ● 廉洁底线失守，通过民间借贷获取大额回报，违规从事营利活动，违规收受大额钱款，离职后违规任职取酬，收受管理服务对象礼品礼金，利用职务便 利低买高卖房产，借用管理服务对象大额钱款，在分配、购买住房中侵犯国家利益，将应由本人支付的费用由他人支付；违反生活纪律，对配偶、子女失 管失教； 据中央纪委国家监委驻中国农业银行纪检监察组、浙江省纪委监委消息：日前，经中央纪委国家监委批准，中央纪委国家监委驻中国农业银行纪检监察 组、浙江省监委对中国农业银行原首席专家兼浙江省分行原党委书记、行长冯建龙严重违纪违法问题进行了立案审查调查。 经查，冯建龙存在以下问题： ● 将公权力当作谋取私利的工具，大搞权钱交易，利用职务上的便利，为他人在贷款审批、资金募集、职工岗位调整等方面谋取利益，非法收受巨额财 物。 ● 丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动；违反中央 ...

持续加码研发让技术优势不断巩固。截至2024年底，公司研发人员占比超40%，2022至2024年研发投入 连续增长，累计投入近1.14亿元，占同期累计营收的11.11%，复合年增长率达60.19%。目前已形成3大 基石技术和8大产品化支撑技术，覆盖信号采样、相位锁定等关键领域，推出的三代产品系列精准匹配 半导体制造对"快、准、稳"的核心需求。凭借硬核实力，公司还承担了工信部、科技部三项国家级课 题，2023年在中国大陆半导体行业国产等离子体射频电源系统厂商中市场份额位列第一。 技术突破转化为显著发展成果。2018年获得国内龙头设备商合作机会后，恒运昌产品于2020年通过验证 并实现批量出货，此后陆续与多家知名半导体设备商建立合作。2022至2024年，公司营收从1.58亿元跃 升至5.41亿元，净利润从2639万元增长至1.43亿元，实现规模与效益双丰收。资本也纷纷青睐，自2021 年起，国投创业、中电科等产业基金先后注资，为企业发展注入动力。2021年迁入宝安桃花源科技创新 园后，团队规模与研发生产设备持续升级，进一步夯实发展根基。 于恒运昌而言，此次上市并非终点，而是新的起点。恒运昌提出"守正创新"五年计 ...

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [1] - A total of 1,739 stocks rose, with 84 hitting the daily limit up, while 3,640 stocks fell [2] Stock Performance - Among the rising stocks, 169 had gains exceeding 7%, 105 gained between 5-7%, and 252 rose between 3-5% [3] - Conversely, 2,912 stocks saw declines of 0-3%, 558 fell by 3-5%, and 58 dropped by more than 7% [3] - Resource stocks surged, particularly gold stocks, with Sichuan Gold achieving four consecutive limit-ups, and both Zhaojin Mining and Hunan Gold achieving three consecutive limit-ups [3] Sector Highlights - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit up, and China National Offshore Oil Corporation (CNOOC) increasing over 6% to reach a new high [4] - The non-ferrous metals sector strengthened, with silver stocks achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit up, marking a 16-year high [5] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat both hitting the daily limit up [7] Declines - The pharmaceutical and medical stocks faced adjustments, with Bibet and Baipusai dropping over 10% [8] Trading Volume and Activity - The total trading volume reached approximately 29,922.93 billion, with a notable increase in trading activity for major ETFs, including the CSI 300 ETF from Huatai-PB, which exceeded 30 billion in trading volume [11]

【导读】因债务加入纠纷，新华基金被起诉 又有基金公司被起诉。 天眼查信息显示，近日，山东西王糖业有限公司、西王淀粉有限公司起诉新华基金，缘由是债务加入纠纷，该民事案件将于2月3日在上海市第二中级人民 法院开庭。 公开资料显示，新华基金成立于2004年12月，是我国西南地区第一家公募基金管理公司，实控人为北京金融街（投资）集团有限公司，注册资本为6.28亿 元，注册地为重庆市。 数据显示，截至2025年年末，新华基金在管公募基金49只，合计规模为571.07亿元。其中，货币型基金、债券型基金各占比40%。 业绩方面，国泰海通证券业绩排行榜显示，截至2025年年末，公司权益类基金业绩近三年业绩排名118/149、近五年业绩排名81/139；公司固定收益类基 金业绩近三年表现突出，整体市场排名5/137、近五年业绩排名12/126。 去年底，新华基金副总经理王之光因个人原因离职。此外，去年8月，新华基金还注销了浙江分公司。 ...

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [2] - A total of 1,739 stocks rose, 84 stocks hit the daily limit, and 3,640 stocks fell [3] Sector Performance - Resource stocks surged, with gold stocks leading the gains; Sichuan Gold achieved four consecutive limit-ups, while Zhaojin Mining and Hunan Gold recorded three consecutive limit-ups [4] - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit, and China National Offshore Oil Corporation increasing over 6% to reach a new high [5] - The non-ferrous metals sector strengthened, with Silver Nonferrous achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit, marking a 16-year high [6] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat hitting the daily limit [7] Market Dynamics - The pharmaceutical and medical stocks adjusted, with Bibete and Baipusais falling over 10% [8] - The market experienced at least three significant drops during the day, suggesting an unseen force controlling market momentum [8] - Several broad-based ETFs saw increased trading volume, with the HuShen 300 ETF from Huatai-PineBridge exceeding 30 billion yuan in trading volume, and other ETFs like the HuShen 300 ETF from E Fund and the CSI 500 ETF also surpassing 20 billion yuan [8] Policy Insights - According to a report from CITIC Securities, past bull markets have seen overheating leading to cooling policies; the current bull market since September 24 has maintained a positive policy tone, with periodic long-term policies to regulate market entry [9] - Recent policies, such as the increase in risk factors for insurance funds and a 0.25 percentage point reduction in monetary policy tool rates, aim to cool the market without altering the overall positive trend [9] - The proactive cooling measures are intended to manage the bull market's pace, preventing irrational exuberance and fostering a gradual bull market, which is noted as the slowest bull market in A-share history [9] ETF Performance - Gold ETF (Hua Xia, product code: 518850) saw a 5-day increase of 8.41%, with a net subscription of 350 million yuan [11] - Gold Stocks ETF (product code: 159562) increased by 18.74% over five days, with a net subscription of 510 million yuan [12] - Non-ferrous Metals ETF (product code: 516650) rose by 8.99% in five days, with a net subscription of 770 million yuan [13] - Public Utilities ETF (product code: 159301) had a modest increase of 0.72% over five days, with no net subscription changes [14]

Core Viewpoint - The investment director of PIMCO, Daniel Ivascyn, suggests that global economic growth is expected to remain strong through 2026, and investors should consider global diversification in their asset allocation strategies [1]. Group 1: Investment Opportunities in Bonds - High-quality fixed income assets are currently at their most attractive valuation levels in years, with initial yields closely linked to future returns, providing a positive long-term outlook for investors [2]. - Historical data shows a 94% correlation between initial bond yields and future 5-year returns, indicating that current bond yields, particularly in the U.S. market, are at their highest levels in a decade, suggesting potential for attractive returns [2]. - The current market environment is shifting, making bonds more appealing compared to the historically high valuations of the stock market, where the cyclically adjusted price-to-earnings (CAPE) ratio exceeds 35 [2]. Group 2: Investment Strategies - Ivascyn emphasizes two key strategies: global diversification and active management to navigate market volatility and differentiation among countries' fiscal and monetary policies [3]. - Investors are advised to combine stock and bond investments, increasing bond allocations to achieve higher long-term returns through a mixed portfolio approach [3]. - The global economic outlook remains strong, with significant differentiation in fiscal and monetary policies across countries, creating opportunities for active investment management [3]. Group 3: Gold Market Outlook - Gold prices have surged, with spot gold prices increasing over 60% in 2025 and surpassing $5,000 per ounce at the beginning of 2026, driven by geopolitical tensions and concerns over high debt levels in countries like the U.S. and Japan [4]. - The demand from central banks and individual investors supports the bullish trend in gold, which is expected to continue as long as geopolitical tensions and debt concerns persist [4]. - Despite the rapid increase in gold prices, there may be short-term corrections, but the long-term outlook remains strong, suggesting that investors should consider increasing their allocation to gold-related products [4].

Core Viewpoint - The global gold market is experiencing a significant surge, with gold prices reaching new historical highs, leading to accelerated net inflows into gold-themed ETFs, particularly gold stock ETFs, which are showing a more pronounced "capital attraction" trend [1][2]. Group 1: Gold Themed ETFs - The net inflow of funds into gold-themed ETFs has accelerated this year, with a notable distinction between commodity gold ETFs and gold stock ETFs, the latter showing a more significant capital attraction [2]. - As of January 27, the total scale of 14 commodity gold ETFs reached 314.14 billion yuan, a 29.71% increase from the end of last year [2]. - The total net inflow of funds into commodity gold ETFs this year has reached 27.02 billion yuan, which is nearly a quarter of the total net inflow for the entire previous year [2][3]. Group 2: Gold Stock ETFs - The six gold stock ETFs have a combined scale of 29.09 billion yuan, representing an increase of over 75% from the end of last year [2]. - The net inflow of funds into gold stock ETFs has exceeded 5.63 billion yuan this year, surpassing one-third of the total net inflow for the previous year [3]. - Among the gold stock ETFs, one has reached a scale of over 10 billion yuan, with the latest scale of Yongying's gold stock ETF at 19.46 billion yuan, a more than 50% increase from the end of last year [3]. Group 3: Performance Comparison - Gold stock ETFs have shown higher yield elasticity, with a cumulative net value growth rate exceeding 35% this year, compared to around 17% for commodity gold ETFs [4]. - Over the past year, gold stock ETFs have seen a cumulative net value increase of over 140%, significantly outperforming commodity gold ETFs [4]. Group 4: Market Outlook - The investment value of gold assets is gaining recognition due to global geopolitical uncertainties and expectations of a rate cut cycle in 2026, which could support demand for gold [5]. - The overall performance of gold stocks is meeting expectations, with potential for continued investment opportunities in 2026 [5].

【导读】上海地区券商分支机构2025年全景：交易量占全国三成，超六成营收破千万元 资本市场回暖背景下，上海地区证券营业部经营业绩显著提升。 1月27日，上海市证券同业公会披露2025年上海地区证券经纪业务经营简况，区域内券商分支机构交易 量、营收、客户资产均实现跨越式增长，超六成分支机构营收突破千万元大关，不过平均佣金率跌 破"万二"底线，行业转型压力仍在凸显。 交易量同比上升80% 超六成网点营收破千万 2025年末，上海地区证券经纪业务分支机构共计842家。含分公司108家，营业部734家，含A类54家，B 类240家，C类440家。 值得注意的是，本地与异地分支机构的佣金率差距明显。2025年，上海本地分支机构A股平均佣金率为 0.249‰（去除高频量化业务为0.252‰），异地分支机构A股平均佣金率为0.173‰（去除高频量化业务 为0.189‰）。一位经纪业务人士分析，本地机构凭借地缘优势和更稳固的客户关系，在定价上保有微 弱韧性；而异地机构为开拓市场，或许采取了更激进的竞争策略。 交易量方面，全年，上海地区分支机构沪深A股交易量为128.19万亿元，同比上升80.4%，A股交易量最 大一家分支机构 ...

Core Viewpoint - The stock of Wolong Materials (002130) experienced a sudden drop of 10.01%, leading to a market capitalization decrease to 36.94 billion yuan and a trading volume exceeding 5.8 billion yuan, raising concerns among investors about the reasons behind the decline [1]. Group 1 - On January 27, Wolong Materials announced the publication of materials related to its overseas listing of foreign shares (H-shares), indicating that the Hong Kong Stock Exchange's listing committee had held a hearing to review the company's application for overseas issuance [4]. - The company plans to list on the Hong Kong main board, with CITIC Securities International and China Merchants Securities International as joint sponsors [4]. - Market rumors suggested that the H-share issuance price might be significantly discounted compared to the A-share price, which has raised investor concerns [4]. Group 2 - Following the stock's decline, many investors took to social media to express confusion and seek explanations for the sudden drop, with some speculating about potential impacts from the company's H-share listing [2]. - The company reportedly expressed surprise at the stock's performance and inquired about the movements of its competitors [2]. - There were also mentions of potential disturbances related to copper cable, which could affect the stock's performance [4].